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The Accounting Cycle

Accounting Cycle

Problem 1 Which of the following accounts would be classified as a current asset on the balance sheet? A. Office Equipment B. Land C. Accumulated Depreciation D. Accounts Receivable Problem 2 Which of the following entries closes the owner's drawing account at the end of the period? A. Debit the drawing account, c

Octagon Co. Journal Entries

Octagon Co. appropriately uses the installment sales method of accounting for its installment sales. During 2006, Octagon made installment sales of $400,000 and received payments of $250,000 on those sales. Octagon's gross profit margin is 40% Prepare journal entries to record the sale, collection, and recognition of gross

Journal Moeder Company Transactions

Moeder Co. uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursement journal, and a general journal. The following transactions occur in the month of November. Nov. 3 Purchased $3,100 of merchandise on credit from Hargrave Co., terms n_20. 7 Sold merchandise costing $840 on credit to

Journal Entries Questions

Stockholders' Equity Paid-in capital Capital stock 6% Preferred stock, $100 par value, cumulative, 50,000 shares authorized, 30,000 shares issued and outstanding $ 3,000,000 Common stock, no par, $10 stated value, 1,000,000 shares authorized, 400,000 shares issued and outstanding 10,000,000

Creating general journal entries

1) petty cash ticket: no#1 item: delivery of goods to customers account debited: delivery expense. amount :$22. 2) petty cash ticket : no#2 item :mail package account debited : postage expense amount : $52 3) petty cash ticket :no# 3 item : newsletter account debited : supplies expen

Error Corrections

P22-5 (Error Corrections) You have been assigned to examine the financial statements of Vickie L. Lemke Company for the year ended December 31, 2005. You discover the following situations. 1. Depreciation of $3,200 for 2005 on delivery vehicles was not recorded. 2. The physical inventory count on December 31, 2004, improperl

Pension Expense, Journal Entries, Statement Presentation, Minimum Liability

Can you help me with the following assignment? E20-12 (Pension Expense, Journal Entries, Statement Presentation, Minimum Liability) Desiree Griseta Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2004 in which no benefits were paid. 1. T

Journalize Transaction

Transactions for the Pate Company for the month of October are presented below. Journalize each transaction and identify each transaction by number. You may omit journal explanations. 1. Stockholders invested additional $40,000 cash in the business. 2. Purchased land costing $28,000 for cash. 3. Purchased equipment co

Worksheet, BS, Adj, closing

(Work Sheet, Balance Sheet, Adjusting and Closing Entries) Noah's Ark has a fiscal year ending on September 30. Selected data from the September 30 work sheet are presented below. (see attached file for better formatting) Instructions (a) Prepare a complete work sheet. (b) Prepare a classified balance sheet. (Note: $10,0

Prepare journal entries for depreciation on assets

Lindy Rig, the new controller of Bellingham Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2002. Her findings are as follows. (see chart in attached file) All assets are depreciated by the straight-line method. Bellingham Company uses a calendar year

Accounting Cycle of an Organization

Explain the overall accounting cycle of an organization. Include a description of the people, processes, and systems that are integral to the cycle.

Notes Payable

P2-2A The following are selected transactions of Detroit Company. financial statements quarterly. (A perpetual inventory system is used.) Jan. 2 Purchased merchandise on account from Teresa Speck Company, $15,000, terms 2/10, n/30. Feb. 1 Issued a 10%, 2-month, $15,000 note to Teresa Spec

17-12. (Journal Entries for Fair Value and Equity Methods)

12. (Journal Entries for Fair Value and Equity Methods) Presented below are two independent situations. Situation 1 Conchita Cosmetics acquired 10% of the 200,000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18, 2003. On June 30, Martinez declared and paid a $75,000 cash dividend. On

Need help with t-accounts.

You have been requested by a friend name Dirk Khoury to give advice on the effects that certain business transactions will have on the entity he has started. Time is short so you will not be able to do all the detailed procedures of journalizing and posting. Instead, you must analyze the transactions without the use of a journ

Accounting Problem

P3-5B Terry Duffy opened Terry's Window Washing Inc. on July 1, 2002. During July the following transactions were completed. July 1 Issued $9,000 of stock for $9,000 cash. 1 Purchased used truck for $6,000, paying $3,000 cash and the balance on account. 3 Purchased cleaning supplies for $900 on account. 5 Paid $1,200 cash

Hunter corp issues 600,000...

1. On Aug 1 Hunter Corporation issues 600,000 of 10 year 10 % bonds dated Aug 1st for 624,000. Interest is paid semi annually on Feb 1st and August 1st. Present the entries in general journal form to record the following: a) Issuance of the Bonds b) Accrual of interest and amortization of 1,000.00 of bond premium for the

Journal Entries for Van Manen Company

P2-1A On January 1, 2002, the ledger of Van Manen Company contains the following liability accounts. Accounts Payable $52,000 Sales Taxes Payable 7,500 Unearned Service Revenue 16,000 During January the following selected transactions occurred. Jan. 5 Sold merchandise for cash totaling $16,632, which includes 8% sales t

Journal entries and T accounts for a job order costing system

A corporation uses a job order costing system to account for production. During the month of January, the following events occurred: A materials were purchased on account for $35,480 B materials totaling $33,650 were requisitioned for use in production C direct labor payroll was $15,750 for January D actual overhead of

Define the business research and its purpose.

What is an example of a scholarly research article in a professional journal? a. Define the business research and its purpose. b. Explain the business problem(s) under investigation. c. Identify the parties involved in conducting the research. d. Describe the method(s) used to conduct the research project.

Transaction analysis and journal entries

George and Co. started a business on Jan 1,2004. Listed below is a transaction that I am not sure how to write as a journal entry: Dividends of 15 000 were declared on Dec 15,2004, and were schuled to be paid on Jan 10, 2005.

Journal entries to record disposal

Jan. 2, 2002 Rit Co. disposes of a machine costing $44,000 w/ accumulated depreciation of $24,625. What is the entry if: - The machine is sold for $18,250 cash? - The machine is traded in on a similar but newer machine having a $60,200 cash price, a $25,000 trade in allowance is received, and the balance is paid in cash?

Fixed Assets and Journal Entries

Jackson Company was incorporated on Jan 2 of the current year but did not begin operations until Aug 1 this year. The Land and Building account as of the end of the current fiscal year appears below: 1/31 Land and old building on land $200,000 2/28 Cost of removal of old building $5,000 4/1 Legal fees $6,000 5

Journal entries: Istaimy purchase of Erchetal partnership

The following is the Balance sheet of the Erchetai partnership at 30 April 2002 $ $50,000 Good will 928,000 Tangible fixed assets 978,000 Current Assets Stock 40,000 Debtors 76,000 Bank 80,000 196,000 Less Current Liabilities 29,000 167,000 1,145,000 Long term li